Tamboran Resources (NYSE:TBN) Stock Price Down 7.3% – Should You Sell?

Tamboran Resources Corporation (NYSE:TBN)’s stock price traded down 7.3% during mid-day trading on Thursday. The company traded as low as $33.01 and last traded at $32.7350. 180,430 shares traded hands during trading, an increase of 17% from the average session volume of 154,643 shares. The stock had previously closed at $35.31.

Analysts Set New Price Targets

Several research firms have commented on TBN. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Zacks Research raised Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st. Wall Street Zen raised shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Scotiabank assumed coverage on shares of Tamboran Resources in a research note on Wednesday. They set an “outperform” rating and a $70.00 price target for the company. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.80.

Tamboran Resources Stock Down 1.8%

The firm’s 50-day simple moving average is $36.56 and its 200 day simple moving average is $35.59. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.61 and a current ratio of 2.61. The stock has a market capitalization of $1.09 billion, a P/E ratio of -16.74 and a beta of -1.91.

Institutional Trading of Tamboran Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TBN. Alberta Investment Management Corp bought a new stake in Tamboran Resources during the second quarter worth about $27,916,000. HighTower Advisors LLC grew its stake in Tamboran Resources by 860.9% in the second quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock valued at $14,849,000 after purchasing an additional 409,218 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Tamboran Resources in the second quarter valued at approximately $8,818,000. The Manufacturers Life Insurance Company acquired a new position in shares of Tamboran Resources during the 2nd quarter worth approximately $8,040,000. Finally, SCS Capital Management LLC acquired a new position in shares of Tamboran Resources during the 2nd quarter worth approximately $5,180,000.

About Tamboran Resources

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran’s activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.